Errecondo, Salaverri, Dellatorre, González & Burgio Abogados

THE FIRM

Errecondo, Salaverri, Dellatorre, González & Burgio is one of the leading business law firms in Argentina as shown by the impressive record of landmark transactions it has handled since its inception. The firm has been the Counsel of choice for the principal international funds that have invested in Argentine assets since Argentina’s last economic crisis at the end of 2001 as well as of many of the principal private equity players active in the country. The firm represented the buyer in several of the most important acquisitions taken place since the crisis, such as the acquisitions of controlling or significant equity stakes in Edenor, Cablevisión, Farmcity, Grupo Los Grobo and GPU EMDERSA. It also counts on extensive experience in corporate finance products representing leading financial institutions as well as issuers and borrowers. The firm and its partners played a significant role in the workout of the foreign debt of the principal Argentine private sector borrowers that took place after the devaluation of the Argentine peso in 2002. The firm represented the buyers in the recent divestitures by AIG of its consumer finance business in Argentina and by ING of its pension fund management business in the country. Recently the firm has also been very active in the domestic capital markets representing underwriters and issuers in the placement of debt securities primarily with institutional investors.

MAIN INTERNATIONAL AREAS OF PRACTICE

The firm is focused on providing high value added legal advice in corporate finance, M&A, restructuring and insolvency, private equity, real estate investments and complex litigation. In order to achieve its objective, the firm is committed to offer its clients unparalleled partner commitment through a low leverage partner- associate ratio, which entails real partner involvement rather than merely a partner’s overview. The transactional record of both partners and associates reflects a significant experience in cross-border secured and unsecured bank financing, debt capital markets, IPOs, project finance, securitisations, M&A, private equity, tender offers, leasing, derivative transactions, debt restructurings and sophisticated real estate transactions. Partners of the firm have represented the leading international financial institutions lending funds to Argentine public and private companies in some of the largest and most sophisticated financing transactions that have taken place since Argentina returned to the international financial markets in the early 90’s. The firm has a unique expertise in acquisition financing. Partners of the firm have also represented the leading international investment banks in the international placement of debt or equity securities of Argentine public and private sector issuers in some of their most prominent transactions as well as the dealer managers in most of the debt exchanges conducted by the Republic of Argentina in respect of its sovereign bonds. The partners of the firm represented the creditor side in the major debt restructurings and recoveries occurring in Argentina. The firm was creditor local Counsel in the restructuring process for Telecom Argentina, Cablevisión, Transener, Metrogas, Transportadora de Gas del Norte, CIESA and GASA, holding companies of Transportadora de Gas del Sur and Metrogas, respectively, among other transactions. The firm also represented Edenor and its parent company EASA in the restructuring of their financial debt. All of these transactions required in most cases a high degree of involvement of the Litigation Team in bankruptcy and other sophisticated legal procedures. The firm has been very active in real estate transactions as international investors took advantage of the opportunities in the industry generated after the 2001 crisis. In that regard, the firm has a unique expertise in all parts of the process having acted for sponsors, developers and investors in the structuring of the investment group, the acquisition of the property, the supervision of all regulatory approvals and permits required for the development of the property, the negotiation of material contracts and financial transactions for the project.

Representative clients include, among others: Financial Institutions: Credit Suisse, Deutsche Bank, Citigroup, Bank of America/Merrill Lynch, Standard Bank, ABN AMRO, HSBC, UBS, ING, Banco Itau, Goldman Sachs & Co, BBVA Banco Francés, Banco Santander Río, Banco Comafi SA, Banco Macro Bansud SA, Banco Hipotecario SA, Banco de Servicios y Transacciones S.A., Toyota Compañía Financiera S.A., Banco Surinvest; International Fund Management Companies: Fintech Advisory, Ashmore Investments, Marathon Funds, D.E. Shaw, Southern Cross Group, PCP Group/Vinci Partners, Texas Pacific Group, Starks Investments; Other International Clients: AEI, Tavistock Group, The CIT Group, Grupo Arca, Daimler Chrysler Corporation, PDG Realty; Domestic Clients: Dolphin Group, Pampa Holding SA, Pegasus Capital, Desarrollo y Gestión SA, Edenor SA, Cablevisión SA, Mercado Abierto Electrónico, Petroquímica Comodoro Rivadavia S.A., IPlan, Laboratorios Northia, Compañía General de Combustibles S.A., Farmacity SA, Musimundo, Freddo, Dypsa SA, Origenes Seguros de Retiro, Emgasud S.A., EDEN S.A., Grupo Whpei, and the Argentine Rugby Union.